We Looked at the Evidence: Is Lumenchange Legit or Scam?

Written by Daniel Zimmerman

Recently, Lumenchange.com service surfaced, promoting itself as a platform to keep cryptocurrency and other assets securely. I managed to gather reliable evidence that unmistakably confirms it is, in truth, a fraudulent platform.

Regardless of the promises of the most easy, dependable, and customer-centric service, Lumenchange.com does not fulfill any of them. All this is just a shiny wrap around a dirty scam, which steals your money and data and never returns them. Any stories about gifts, backing from celebrities etc are nowhere to be found as well.

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Lumenchange Scam Overview

Originally, Lumenchange poses as a crypto trading & cryptowallet platform with remarkably low commission fees. Another highlighted selling point for this service is partnerships with celebrities that are known as crypto activists. Elon Musk, Bill Gates, Vitalii Buterin, Warren Buffet – the site says about being supported by them. To make these claims look more realistic, frauds use AI-generated videos with those celebs advertise the fraud as the best thing in the world. For known reasons, Elon Musk is the most common choise for that. But, as I mentioned above, all this is just a glaring wrap around an obvious scam.

Lumenchange.com Scam

Lumenchange Scam

To begin with, Lumenchange shares the layout of numerous equivalent online platforms. There are quite a few examples, like Cryptezos, Upurex or Sawtesla. They are totally indistinguishable in terms of visual elements, with slight discrepancies in the site header. Other specific elements, and sometimes even crypto wallet addresses, are the same. Probably, all these deceptive websites are managed by a single team of fraudsters.

Cryptocurrency Scam Summary

WebsiteLumenchange.com
HostingAS13335 Cloudflare, Inc.
United States, San Francisco
IP Address188.114.97.3
Threat TypeScam/Fraud
Scam TypeFraudulent offers of cryptocurrency services

How the Lumenchange Scam Works?

Lumenchange is a part of a significant cryptocurrency scam scheme that started circulating actively in 2023. Rascals who stand behind it use numerous website designs, which still share the same overall layout. Another shared element are the ways the scams like NAME are promoted, and the manner all this ends up to the victim of the scam. To reach peak efficiency, frauds apply sophisticated psychological tricks that make the user believe in the legitimacy of the website. But let’s review them one by one.

Step 1: Promotion

To begin the scam, criminals create and fill accounts on well-liked social media platforms. They primarily target Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign commences. Employing bots and paid promotions (when feasible), fraud actors intensify the presence of their scam activities to possible victims. And as I said, fraudsters do not shy away using deepfake for creating clips with the aforementioned celebrities that advertise their scam to the public. To boost the folks even more, deceivers claim the bonus for every user who joins the service immediately.

Cryptoscam ads TIkTok

Promotions of cryptoscams like Lumenchange in TikTok. Most of these videos are AI-generated deepfakes

Users obtain an encouragement to enroll, enticed by the promise of getting crypto rewards valued at thousands of dollars, all free of charge. To enhance the attractiveness of the offer, false claims of sponsorship by a celebrity are incorporated. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

Upon clicking the promotions, victims end up on a page filled with appealing offers. “Crypto starts with Lumenchange”, “Your crypto savings are secured with Lumenchange, “Start earning with Lumenchange – they look rather authoritative. To heat up the interest and make the users proceed to step 3, fraudsters say that unlocking the promoted bonus requires registration. And since nothing suspicious happens at this point, uninformed users happily proceed – especially as the bonus appears to be right behind the corner.

This is the last stage when it is possible to get away from the scam without any losses. Before you sign up using your personal data, swindrels will not earn even a nickel from your presence on the website.

Step 3: Data Gathering

This is where the main fraud action begins. As I just said, scammers bait folks into registration for bonuses. And all the personal data needed for it – username, email, crypto wallet address – are valuable for user identification. Only by gathering this info and selling it further into the Darknet, swindlers can earn quite a penny. Nonetheless, their plans go much further.

As it turns out, the claimed bonus is not available for withdrawal right away. To make at least cryptocurrency purchases on the platform with it, you need to top up the account with the sum of a bonus. And this is what initiates the final stage of the scam.

Step 4: Requesting funds

Eventually, any crypto operations require you to have funds on your account. In the case of Lumenchange, users are also coerced to top up to get the bonuses. And this is what creates most of the cash flow to this scam website. By topping up the account, users hope to get the pledged gift (usually $500-1000 in USDT), and may start participating on this website hoping to use all the transferred money and withdraw them.

This, however, is where the issues start to surface. When keeping an eye on the actual crypto wallet vs what the site says, you can spot that no transactions are done whatsoever. And then, when you’d try to retrieve the funds from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

Needless to say that fraudsters are naught on intentions to give your money back. But to make the denial look more legitimate, they’ve made up a whole bunch of reasons to decline the withdrawal request. Usually, they repeat what Know Your Client requirements say, but in this case they are here only to make the withdrawal impossible.

By asking for your personal info, deceivers just stall hoping for you to understand that you’ve been scammed and stop contacting them. If you don’t – well, there are numerous other checks you would desperately need to undergo before getting your funds back. And each of these checks will share more and more information, which – you guessed it right – will be then traded on the Darknet. Never reveal your real info to strangers!

Signs of Scam

I gathered several facts that point at the scammy nature of the Lumenchange.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

  • False Celebrity Sponsorship. Lumenchange often resorts to fake endorsements from celebrities such as Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. This fraudulent tactic extends to claiming partnerships with reputable companies like Coinbase, Binance, or MetaMask, despite lacking any genuine affiliations.
  • Cryptocurrency-Only Payments. Lumenchange.com exclusively accepts payments in cryptocurrencies, rejecting traditional bank transfers and other methods. This approach not only masks the company’s identity but also eliminates the possibility of seeking refunds.
  • Dubious Company Information. Lumenchange raises suspicion by withholding essential ownership, location, and registration details. Furthermore, the absence of legitimate contact information and the recent establishment of domain and social media pages intensify skepticism.
  • Unsubstantiated Hype. Lumenchange.com employs groundless hype tactics, fabricating events like securing contracts with Coinbase or receiving endorsements from Elon Musk. These manipulative techniques aim to instill false confidence and encourage further investments.
  • Potential Pyramid Scheme. The scam relies on a structure resembling a Ponzi scheme, leveraging a referral system spread through social media. However, only initial participants benefit, often at the expense of subsequent investors.
  • Implausible Claims. Promising returns of 50-100-200%, Lumenchange preys on the desire for quick profits. Yet, the volatile nature of the cryptocurrency market makes such gains highly unlikely, definitively labeling Lumenchange as a scam.

What Should I do as a Victim?

If you had to deal with Lumenchange site and fell victim to that scam, there are still some steps to take. They will make further scam attempts harder, and also boost the knowledge about that scam among folks.

  • Report the scam to authorities. Search for local authorities responsible for financial frauds, and also notify wallet providers and social networks via their tech support. It is essential to make the further operations of these scammers much harder.
  • Tell your close friends. That step is similar to reporting to the authorities, and has similar effects. By posting info about scam crypto service, you decrease the pool of people they can fool.
  • Get evidence. Screenshot or save all the information related to the website. URL, screenshot of a main page, login window, EULA, account top-up menu, wallet addresses – all these things may be useful for authorities to find the scammers.
  • Check whether you can ask for a refund. As I’ve said above, crypto payments do not fall under refund policies in most banks. Nonetheless, in some circumstances, it is still possible. Never lose hope until you actually confirm it is gone.
  • Make your mistake your lesson. Financial losses are always a reason for frustration, but let’s imagine it was a pay for scam revealing courses. Remember the key features of these crypto scam sites, the way they attract people and what they promise. In the future, you will easily recognize a trap of spending no money.

Scan your system for possible malware infections

Beware of cross scams! Scam actors can use your trust to make you download some stuff or interact with certain documents. It may be a trap that installs malware to your system. There are no moral barriers or limits for these scoundrels.

Throughout the course of the fraud, its masters may reach out to you with particular documents. Alternatively, they may offer you to set up “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your cryptocurrency funds. As we earlier figured out, these rascals have no intention of restoring your money. So, what do these messages and browser extensions represent? Correct – this is another side of the fraudulent scheme designed to entice you into deliberately installing destructive programs onto your device.

Both add-ons and files added to emails can function as a carrier for various malicious code. In this situation, I expect the presence of spyware and stealers among all kinds of malware. While it is not obligatory for scammers to distribute malware, the probability is always above zero. As previously mentioned, their conscience is of negligible importance, and their dignity is already deeply compromised. They have no principles to lose and aim to boost gains.

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Frequently asked questions

Is there any real info on Lumenchange site?

The vast majority of information posted on the Lumenchange site is false. It is either fabricated, or a manipulation that misses the context of mentioned events. However, things like quotes or other interactive elements related to current prices may be trustworthy. But I would rather avoid using them as a primary source of information.

Are the Lumenchange site promices real?

No, there is no legitimate information on the Lumenchange site. The operators of this site use fabricated details and deceptive tactics to create an appearance of credibility, such as appealing visuals and claims of being a licensed company. However, these claims are false, and the site is part of a larger network of interconnected crypto scam sites designed to defraud victims. The scammers manipulate users into providing sensitive personal information and making deposits, ultimately leading to the loss of funds.

Is there any way to recover my lost funds from Lumenchange scam?

Unfortunately, recovering funds lost to a scam like Lumenchange can be extremely challenging, if not impossible. Scammers often operate from obscure locations and use various tactics to cover their tracks, making it difficult to trace or retrieve the stolen funds. In many cases, these scams are designed to exploit victims and disappear once they have obtained the money.

How to spot crypto trading scams in the future?

Spotting crypto trading scams requires vigilance and a critical eye. Here are some tips to help you identify potential crypto trading scams in the future:

  1. Verify Regulation and Licensing. Before proceeding, ensure that the platform or service is regulated and possesses the necessary licenses from relevant authorities. Scammers often operate without proper authorization.
  2. Resist Urgency. Be cautious of tactics that create a false sense of urgency to pressure you into quick decisions. Legitimate investments provide ample time for research and consideration.
  3. Consult Reviews and Feedback. Seek independent reviews and feedback from other traders. While positive reviews can be fabricated, negative reviews often reveal valuable insights.
  4. Question Unrealistic Promises. Approach offers with unrealistically high returns or guaranteed profits skeptically. If an investment opportunity seems too good to be true, it probably is.
  5. Scrutinize Celebrity Endorsements. Exercise skepticism when faced with endorsements from celebrities or public figures. Scammers frequently create fake endorsements to enhance credibility.

What should I do as a victim of a Lumenchange.com scam?

If you have become a victim of a Lumenchange or similar crypto trading scam, it’s important to take immediate action to minimize further damage and increase the chances of recovering your losses. Here’s what you should do:

  • Notify Cryptocurrency Exchanges. Should you have employed a cryptocurrency exchange for transactions linked to the scam, inform the exchange about the fraudulent activity. In certain cases, they could extend their assistance.
  • Contact Financial Institutions. If you conducted any payments or deposits through your credit card or bank account, promptly notify your financial institution. They might offer assistance in contesting transactions or initiating chargebacks.
  • Thoroughly Document. Gather and safeguard all pertinent information, including emails, screenshots, transaction records, and any correspondence with the scammers. This documentation holds utmost importance for reporting the scam and seeking assistance.
  • Immediately Halt Communication. Once you recognize that you have fallen victim to a scam, cease all communication with the scammers. Refrain from responding to their emails, messages, or phone calls.
  • Seek Legal Advice. Consult with a legal professional who specializes in fraud or financial matters. They can provide advice on potential legal actions you can take to recover your funds.
  • Consult Legal Counsel. Seek counsel from a legal expert specialized in fraud or financial matters. They can provide guidance on potential legal avenues for recovering your funds.
  • Inform the Authorities. Lodge an official report with your local law enforcement agency and relevant regulatory bodies within your country. Present them with the amassed evidence. This step instigates investigations and enhances awareness about the scam.
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About the author

Daniel Zimmerman

I'm Daniel, a seasoned professional deeply passionate about the realm of security and malware defense. With over a decade of experience in the security industry and a background in writing, I am thrilled to share my expertise through this cybersecurity blog.

Throughout my career, I've had the privilege of working on the front lines of cybersecurity, tirelessly combating emerging threats and safeguarding digital environments. This hands-on experience has allowed me to develop a deep understanding of the ever-evolving landscape of malware and cyber-attacks.

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